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How do I verify the Discounted bill receivable ...

How do I verify the Discounted bill receivable dishonoured in my client's books?

How do I verify the Discounted bill receivable dishonoured in my client's books?

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Chiranjibi Chapagain Mar. 12, 2018

You can verify the discounted bills receivable dishonoured by considering the following points.

  • Obtain the schedule of discounted bills receivable dishonoured.
  • Check the entry in bank statement regarding the amount of bills dishonoured and see that the bank has debited the account of client.
  • Verify the bills receivable returned by the bank along with bank’s advice.
  • See that the dishonoured bills have been noted and protested by following the proper procedure and the account of the drawee or the trade receivable is also debited.
  • Check that bank commission, if any, charged by the bank has been recovered from the party.

How do I verify the Discounted bill receivable dishonoured in my client's books?

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